I'm accepting the offer of $1.50

I'm taking the advice of BRS board and accepting the TO offer of $1.50. Whilst the influence of the refugee contract is declining it will still make up about 50% of net income in FY16. Manus is about two thirds of that. Situation ver messy with PNG decision and fortunately the Ferrovial offer still open until 7pm Monday 2nd May. I'm faxing my shares through asap. If it hits 50.1% offer is binding and unconditional. If 50% isn't reached SP will take a dive below $1.00 imo.

Be interesting to see mkt action today. I expect SP to rise substantially as new buyers anticipate the offer will succeed. So above 1.30 is possible. However, my understanding is if you buy today you cannot sell to Ferrovial on Monday as share no yet transferred into yr name. But if 50.1% level is reached the TO automatically extends for 2 weeks. Ferrovial already have 23.5%. Add in 2 biggest holders of 18.8% and 10%... and that should ensure it gets over the line. Nothing guaranteed but is high probability in my estimation. dyor.

Phew... talk about a sudden turn in events!